With the release of the Government Work Report on March 5, a new picture of China’s development is unfolding before the world, demonstrating China’s firm confidence in its moving towards high-quality development.

In the aspect of the finance serving the real economy, Premier Li Keqiang proposed in his report to solve the difficulties that businesses face in accessing affordable financing. Financial institutions are encouraged to expand credit supply and reduce loan costs, so as to offer targeted and powerful support to the real economy, and to avoid the fund idle or its distraction from real economy to fictitious economy. The government will support large commercial banks to replenish capital through multiple channels to enhance their capacity for providing credit and encourage them to increase medium-and long-term loans and credit loans to manufacturing industry. This year large State-owned commercial banks will increase their loans to small and micro-sized businesses by more than 30%. Financial institutions need to improve their internal assessment mechanism, and are encouraged to strengthen inclusive financial services, thereby the funding shortages faced by medium, small and micro-sized businesses may be effectively eased, and the overall financing costs must be significantly reduced.

It is noticeable that the report has set clear requirements for large State-owned commercial banks. To PSBC, the new member of the “Big Six” State-owned banks, this means that the duties and responsibilities of a large bank will become more prominent. Since the beginning of this year, China Banking and Insurance Regulatory Commission and the People's Bank of China have successively listed PSBC as a “large State-owned commercial bank”, thus triggering heated discussions among various media about the status of PSBC.

Actually, at the beginning of its establishment, PSBC set its market orientation of serving communities, the medium and small-sized businesses, and serving agriculture, rural areas, and farmers. Over the following decade, PSBC has always kept in mind its positioning and fully implemented the policies of the Party and the country. It has adhered to its original intention and mission of serving the real economy, met the needs of major constructions and key projects, and increased its financial support for private enterprises, small and micro-sized businesses, and agriculture, rural areas, and farmers. With its own high-quality development, PSBC has promoted the development of the real economy, and eventually become one of the “large State-owned commercial banks”.

In the future, PSBC will continue to fully implement all the major policies and plans made by the Party Central Committee and the State Council, and earnestly fulfill the duty of a large State-owned commercial bank. It will never forget its initial intention of serving the real economy, and make new contributions to the great cause of the Party and the country in this new era.